US Maritime Blockade Costs Iran Nearly $6 Billion in Oil Revenue

06/06 15:45

On June 6, according to The Paper, the latest shipping data shows that due to the ongoing blockade of Iranian ports by the U.S. Navy, Iran's crude oil exports in May have fallen to their lowest level in six years. According to trade data analysis company Kpler, Iran's crude oil and condensate exports in May dropped to less than an average of 300,000 barrels per day, the lowest level since late 2019 to early 2020. Before the U.S. implemented the maritime blockade, this figure was close to an average of 2 million barrels per day. Data indicates that the price of Iranian crude oil typically exceeds $90 per barrel, occasionally surpassing $100 per barrel. Based on a conservative estimate of $90 per barrel, Iran's average daily export revenue in May was approximately $27 million, with total revenue for the month around $837 million. This figure represents a significant decline from the levels of the previous two months. In March, Iran's crude oil export volume averaged 1.84 million barrels per day, with estimated daily export revenue of $165.6 million, totaling about $5.13 billion for the month. In April, the average export volume was 1.34 million barrels per day, with daily revenue of about $120.6 million, totaling approximately $3.62 billion for the month. Al Jazeera pointed out that if Iran expected its monthly crude oil export revenue to reach the levels seen in March, the country has already lost about $5.8 billion in April and May.

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